Maine Revised Statutes
Chapter 3: THE INSURANCE SUPERINTENDENT
24-A §221. Examination of insurers

§221. Examination of insurers
1.  For the purpose of determining its financial condition, fulfillment of its contractual obligations and compliance with the law, the superintendent shall examine the affairs, transactions, accounts, records and assets of each authorized insurer, and of any person as to any matter relevant to the financial affairs of the insurer or to the examination, as often as the superintendent determines advisable. In determining the nature, scope and timing of an examination, the superintendent shall consider criteria, including, but not limited to, the results of financial statement analyses and ratios, changes in management or ownership, actuarial opinions, reports of independent certified public accountants and other criteria adopted by the National Association of Insurance Commissioners and published in its Financial Condition Examiners Handbook or Market Regulation Handbook, as applicable, or their successor publications. Except as otherwise expressly provided, domestic insurers must be examined at least once every 3 years, unless the superintendent defers making an examination for a longer period; but in no event may an authorized insurer be examined less frequently than once every 5 years. Examination of an alien insurer is limited to its insurance transactions, assets, trust deposits and affairs in the United States, except as otherwise required by the superintendent.  
[PL 2017, c. 169, Pt. B, §1 (AMD).]
2.  The superintendent shall in like manner examine each insurer applying for an initial certificate of authority to transact insurance in this State.  
[PL 1973, c. 585, §12 (AMD).]
3. 
[PL 2021, c. 16, §1 (RP).]
3-A.  The superintendent may accept a full examination report by the insurance regulatory authority of the insurance company's state of domicile or port-of-entry state for any foreign or alien insurer licensed in this State in lieu of an examination by the superintendent if, at the time of the examination, that regulatory authority was accredited under the National Association of Insurance Commissioners' Financial Regulation Standards and Accreditation Program or if the examination was performed under the supervision of an accredited insurance regulatory authority or with the participation of one or more examiners who are employed by an accredited insurance regulatory authority and who, after a review of the examination workpapers and report, state under oath that the examination was performed in a manner consistent with the standards and procedures required by the regulatory authority.  
[PL 2021, c. 16, §2 (AMD).]
4.  As far as practical, the examination of a foreign or alien insurer must be made in cooperation with the insurance supervisory officials of other states in which the insurer transacts business. Duties may be divided among the participating states in any manner consistent with the standards established by the laws of this State that are applicable to foreign and alien insurers.  
[PL 1993, c. 313, §4 (AMD).]
5.  Examination of health carriers.  The superintendent shall examine the market conduct of each domestic health carrier, as defined in section 4301‑A, subsection 3, and each foreign health carrier with at least 1,000 covered lives in this State, offering a health plan as defined in section 4301‑A, subsection 7, no less frequently than once every 5 years. An examination under this subsection may be comprehensive or may target specific issues of concern observed in the State's health insurance market or in the company under examination. In lieu of an examination conducted by the superintendent, the superintendent may participate in a multistate examination, or, in the case of a foreign company, approve an examination by the company's domiciliary regulator upon a finding that the examination and report adequately address relevant aspects of the company's market conduct within this State.  
[PL 2009, c. 439, Pt. E, §1 (NEW).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). PL 1991, c. 828, §§1,2 (AMD). PL 1993, c. 313, §§2-4 (AMD). PL 2009, c. 439, Pt. E, §1 (AMD). PL 2017, c. 169, Pt. B, §1 (AMD). PL 2021, c. 16, §§1, 2 (AMD).

Structure Maine Revised Statutes

Maine Revised Statutes

TITLE 24-A: MAINE INSURANCE CODE

Chapter 3: THE INSURANCE SUPERINTENDENT

24-A §200. Department continued

24-A §201. Superintendent of Insurance; appointment; term

24-A §202. Seal

24-A §203. Compensation

24-A §204. Principal office (REPEALED)

24-A §205. Bureau organization

24-A §206. Deputy superintendents

24-A §207. Staff

24-A §208. Independent technical, professional services

24-A §208-A. Cooperative agreements

24-A §209. Prohibited interests, rewards

24-A §210. Delegation of powers

24-A §211. General powers, duties

24-A §212. Rules and regulations

24-A §212-A. Parity for insurance agents and brokers

24-A §213. Orders, notices in general

24-A §214. Enforcement

24-A §215. Violation of rules, regulations, orders; penalty

24-A §216. Records; inspection; destruction

24-A §217. Annual report

24-A §218. Publications; price

24-A §219. Interstate cooperation

24-A §220. Investigation of violations

24-A §221. Examination of insurers

24-A §221-A. Financial audit requirements

24-A §222. Registration, regulation, supervision and examination of holding company systems, agents, promoters and others

24-A §223. Conduct of examination; access to records; correction

24-A §224. Appraisal of asset

24-A §225. Examination report; contents; prima facie evidence in certain proceedings

24-A §226. Examination reports; distribution, hearing; as evidence

24-A §227. Examination report

24-A §228. Examination expense

24-A §229. Administrative procedures; hearings in general

24-A §230. Notice of hearing

24-A §231. Conduct of hearing

24-A §232. Witnesses and documentary evidence

24-A §233. Witnesses; disciplinary proceedings

24-A §234. Witnesses; immunity from prosecution

24-A §235. Order on hearing

24-A §236. Appeal from the superintendent

24-A §237. Assessment for expense of maintaining the Bureau of Insurance